The chart show the composite PMI, i.e., the PMI for services and manufacturing. But here, as elsewhere, services have been much worse hit than manufacturing. All the same, manufacturing is also well below 50%.
Thursday, April 23, 2020
Oz's PMI plunges to extreme lows
The PMI (business survey) for Australia, from Commonwealth Bank (CBA) has plunged to extreme lows. Anything below 50% signals a contraction in the economy. A PMI of 35 signals a very deep contraction—at least a 4% fall in GDP. May's PMI will prob'ly be a bit higher, as total lockdown will gradually be scaled back.
The chart show the composite PMI, i.e., the PMI for services and manufacturing. But here, as elsewhere, services have been much worse hit than manufacturing. All the same, manufacturing is also well below 50%.
The chart show the composite PMI, i.e., the PMI for services and manufacturing. But here, as elsewhere, services have been much worse hit than manufacturing. All the same, manufacturing is also well below 50%.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment